Bank of America extended a $520 million credit line to OpenAI. This transaction marks the bank's first loan to the artificial intelligence firm.
The agreement establishes Bank of America as one of OpenAI's largest lenders. The move signals a strategic effort to build a relationship before an anticipated Initial Public Offering (IPO).
The financing represents a shift for Bank of America, which declined OpenAI's funding requests last year. The bank previously cited skepticism regarding the company's high-spending business model.
OpenAI's preparations for a public listing reportedly influenced the bank's decision to extend credit. Bank of America aims to secure an advisory role in the potential IPO.